Blackstone Announces Majority Investment in JJ Tools, A Leading Korean Manufacturer of Industrial Cutting Tools
SEOUL – November 27, 2024 – Blackstone (NYSE: BX) today announced that Private Equity funds managed by Blackstone (“Blackstone”) have entered into a definitive agreement to make a majority investment in JJ Tools (the “Company”), a leading Korean manufacturer of industrial cutting tools. Blackstone will partner with JJ Tools’ Founder and Chief Executive Officer, Jong-Ik Park, who will maintain a stake in the Company, and continue to support JJ Tools in its next phase of global expansion. This is a continuation of Blackstone’s commitment to investing in high-quality Korean companies and backing entrepreneurs and family-owned businesses.
Eugene Cook, Head of Korea for Blackstone Private Equity, said: “We’re continuing our mission of bringing the best of our global Private Equity franchise to South Korea – identifying great companies and partnering with their talented founders to unlock long-term potential. We do this by drawing on our global scale, strategic insights, and operational expertise. We’re very pleased to partner with Mr. Park and the entire JJ Tools’ leadership team and employees to drive the Company’s continued success and further global expansion.”
Kyungmin Song, Principal, Blackstone Private Equity, said: “JJ Tools is an industry-leading business in one of our key investment themes for Private Equity Asia – value-added industrials. The Company is a valued partner and supplier to global customers across multiple fast-growing industries. We seek to drive synergy opportunities across our portfolio and support JJ Tools in becoming the top pan-Asian consolidator in the cutting tools sector.”
Jong-Ik Park, Founder and Chief Executive Office of JJ Tools, said: “This is an incredible milestone for JJ Tools. For nearly 25 years, we’ve been passionate about developing differentiated technology and high-quality tools for our customers around the world. We are thrilled to partner with Blackstone, a globally recognized investor, who shares our commitment to further building the business and has the world-class resources and expertise to accelerate our global reach.”
Based in Seoul, South Korea, JJ Tools was established in 1997 and is a leader in the industrial cutting tools industry. The Company specializes in high-precision cutting tools – including carbide end-mills, thread mills, and drills – mission critical to customers operating in industries spanning semiconductors, engineering, automobiles, aviation, and medical.
About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.
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